Canada Life sells £2.7bn closed book to Scottish Friendly

Jenna Towler
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Canada Life UK chief executive Doug Brown: "This was a difficult decision - many of these customers have been with us for years.”
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Canada Life UK chief executive Doug Brown: "This was a difficult decision - many of these customers have been with us for years.”

155,000 long-standing policies worth £2.7bn from closed book of business sold to Scottish Friendly as Canada Life focuses on annuity market

The policies being offloaded have largely been closed to new business since 2003 and are made up of life and pensions savings policies, along with some protection policies all written in the UK, the firm said. The terms of the deal were not disclosed. Canada Life Investments will continue to manage a large portion of the transferred unit-linked assets. The company said the deal was subject to the "satisfactory completion of certain conditions including court sanction". Canada...

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